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Consolidated Statements of Total Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net investment income:    
Interest and Dividend Income, Securities, Operating, Available-for-Sale $ 21 $ 14
Net investment income 34 5
Realized Investment Gains (Losses) (4) 10
Change in fair value of credit derivatives:    
Derivative, Gain (Loss) on Derivative, Net (4) 57
Insurance Commissions and Fees 14 9
Other Operating Income (Expense), Net 3 2
Income (loss) on variable interest entities (1) 22
Total revenues and other income 58 119
Policyholder Benefits and Claims Incurred, Net 18 24
Expenses:    
Intangible amortization 7 14
General and Administrative Expense 36 29
Interest expense 16 44
Total expenses 86 116
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (29) 3
Provision for income taxes 4 0
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest (1) 0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest (33) 2
Net income (loss) attributable to common stockholders (33) 2
Other comprehensive income (loss), after tax    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest (33) 2
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax 17 (105)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 16 (23)
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, after Tax 0 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax 3 0
Total other comprehensive income (loss), net of income tax 36 (127)
Total comprehensive income (loss), net of income tax 3 (125)
Less: comprehensive (gain) loss attributable to the noncontrolling interest    
Total comprehensive income (loss) attributable to common stockholders 3 (125)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest $ (1) $ 0
Earnings Per Share, Basic $ (0.73) $ 0.04
Earnings Per Share, Diluted $ (0.73) $ 0.04
Weighted Average Number of Shares Outstanding, Basic 45,564,276 46,731,459
Weighted Average Number of Shares Outstanding, Diluted 45,564,276 47,359,731
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, Tax $ 0 $ 0
Gain (loss) on foreign currency translation, taxes 0 0
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect 0 0
Premiums Earned, Net 14 15
Unrealized (loss) gain on securities, taxes 1 (2)
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset 1 0
Deferred Policy Acquisition Costs, Amortization Expense 1 0
General and Administrative Expense 36 29
Insurance Commissions $ 8 $ 5